Beware of Income Based Repayment

John McFie shares the pitfalls of the Student Loan Income Based Repayment Program and suggests alternatives to reduce or even bypass Student Loan debt. Note: Some student loans are not taxable when forgiven.

Here are some resources on this topic: http://studentloanhero.com/featured/o… http://www.finaid.org/loans/forgivene…

And if someone is insolvent (liabilities greater than assets – IRS definition) they can avoid the tax on forgiven debt, but who wants to be in this position 20yrs after graduating? Most people want to do better…probably one of the reasons they went to school in the first place.

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